Latest news with #MattComyn
The Australian
2 days ago
- Business
- The Australian
CommBank to sponsor Socceroos as well as Matildas
Football Australia has confirmed that CommBank will become the FIFA World Cup-bound Socceroos' new naming rights sponsor as part of the financial institution's growing investment in the sport. Already the main backer of the Matildas, CommBank will take over from Subway as the Socceroos' major sponsor in September. It's part of a new six-year deal, reportedly worth between $10m and $15m each year, that will result in the bank becoming FA's major sponsor at all levels. The FIFA World Cup-bound Socceroos have secured a new naming rights sponsor. Picture:'We are beyond delighted to take this next step in our relationship with CommBank and continue with our joint purpose of creating a game that is accessible to and loved by all Australians,' FA's interim chief executive officer Heather Garriock said. 'CommBank have been incredible partners since 2021. In the four years since, we have together taken the women's and para games from strength to strength, and we cannot wait to extend this success into other programs.' The sponsorship will also result in CommBank's naming rights scope expanding to the Olyroos, the Young Socceroos and the Joeys. CommBank chief executive Matt Comyn, said: 'With the Socceroos facing the upcoming FIFA World Cup 2026 and the Matildas preparing for the Australia-hosted AFC Women's Asian Cup, there has never been a more exciting time to be a fan of football in Australia.'
News.com.au
2 days ago
- Business
- News.com.au
CommBank to expand sponsorship portfolio with Football Australia
Football Australia has confirmed that CommBank will become the FIFA World Cup-bound Socceroos' new naming rights sponsor as part of the financial institution's growing investment in the sport. Already the main backer of the Matildas, CommBank will take over from Subway as the Socceroos' major sponsor in September. It's part of a new six-year deal, reportedly worth between $10m and $15m each year, that will result in the bank becoming FA's major sponsor at all levels. 'We are beyond delighted to take this next step in our relationship with CommBank and continue with our joint purpose of creating a game that is accessible to and loved by all Australians,' FA's interim chief executive officer Heather Garriock said. 'CommBank have been incredible partners since 2021. In the four years since, we have together taken the women's and para games from strength to strength, and we cannot wait to extend this success into other programs.' The sponsorship will also result in CommBank's naming rights scope expanding to the Olyroos, the Young Socceroos and the Joeys. CommBank chief executive Matt Comyn, said: 'With the Socceroos facing the upcoming FIFA World Cup 2026 and the Matildas preparing for the Australia-hosted AFC Women's Asian Cup, there has never been a more exciting time to be a fan of football in Australia.'
West Australian
2 days ago
- Business
- West Australian
Commonwealth Bank signs historic $60 million deal backing Football Australia
Commonwealth Bank has signed a historic six-year partnership with Football Australia, becoming the largest backer of the country's most played team sport in a deal worth more than $10 million a year. The agreement, which will run through 2031, builds on CommBank's existing support of the Matildas and extends naming rights to nearly every national team — including the Socceroos, Pararoos, Olyroos and all youth championships — in what amounts to the deepest corporate partnership in Australian football history. CommBank chief executive Matt Comyn said the deal was a long-term commitment to a sport with growing reach and cultural resonance. 'This is about a long-term partnership with the most active team sport Australia with more than 2 million (people) playing,' he said. Mr Comyn said the investment recognised the changing face of Australia. 'Long term migration is very important both economically and socially. It's no accident we've invested in the CommBank Stadium that is out in Western Sydney,' he said. 'We see tremendous growth in the game of football, and we think that's going to continue for many decades.' The deal includes naming rights across men's, women's, youth and para teams, as well as financial wellbeing programs and presenting sponsorship of national fan days. It also brings CommBank's total partnership with Football Australia to a decade in length — a substantive show of long-term brand alignment in an increasingly fragmented media and sports market. While the bank declined to disclose financial terms, the investment is reported to be between $10 million and $15 million annually. The expanded sponsorship comes at a time when football has surged in popularity, with Matildas game attendance more than doubling since 2021 and girls' participation up 27 per cent. Football Australia interim chief executive Heather Garriock said the extended partnership would be 'transformational' for the code. 'This is so much more than a sponsorship,' Ms Garriock said. 'It's a values-aligned partnership aimed at delivering real community impact across every level of the game.' CommBank's group executive for marketing, Monique Macleod, said the bank was focused on building a deep connection between its brand and the sport. 'We like to make sure that we can have a really deep partnership. Grassroots to elite is super important to us,' Ms Macleod said. 'What we love about football is exactly that — its audience, the participation rate, how that's growing.' She said sport was playing a bigger role in CommBank's overall marketing strategy. Ms Macleod said the bank saw strong value in helping grow the sport through participation, pathways and visibility. 'Sport has become an even more important part of the marketing mix,' Ms Macleod said. 'Being able to reach audiences over a passion point is really critical.' She said that in a fragmented media market, the ability to leverage the game's stars was an added opportunity. 'One of the things we saw during the FIFA World Cup with the Matildas is that it goes well beyond the game,' Ms Macleod said. 'It's about the individuals. It's about the storytelling. It's about what they experience through their journey.' The deal also follows the conclusion of CommBank's 37-year sponsorship of Cricket Australia, which ends this month. Westpac is widely expected to take over the role. 'We had a very long relationship with Cricket Australia, and we're incredibly proud of what we've done,' Ms Macleod said. 'But this is such a natural fit and extension for us. We're just really thrilled with how this has all played out.' She said CommBank measured its return on investment not only through brand performance but through social impact. 'The return comes in many different ways, but really it is about audience, reach and engagement,' Ms Macleod said. 'Since 2021 the number of girls participating in football has grown by 27 per cent — so that for us is success.'
Yahoo
21-05-2025
- Business
- Yahoo
Major bank announces eye-watering profits
Australia's largest bank has announced bumper quarterly cash profits, but its boss warns global uncertainty could soon slow the Australian economy. In a statement to the ASX, Commonwealth Bank revealed its cash profits rose 6 per cent to $2.6bn in the March quarter, on the back of strong lending to Australian businesses. The bank said business loans surged 9.1 per cent or $3.7bn within those three months, outpacing its home-lending volumes which grew 4.1 per cent. Importantly for shareholders, CBA said its net interest margin - a key measure of profitability - held stable in the quarter, excluding non-recurring earnings, although it did not provide the figure in its trading update. Westpac, National Australia Bank and ANZ all announced mixed first-half results last week due to profit margin concerns, citing an intensely competitive mortgage market. CBA chief executive Matt Comyn said the impacts of global tariffs could slow down the Australian economy. 'There is heightened risk to the global economy from geopolitical and macroeconomic uncertainty which could slow down the domestic economy,' he said. Mr Comyn also warned of the pressures currently on Australian households on the back of higher interest rates. CBA said collective and individual provisions for bad debts were 'slightly higher', costing the bank $223m. The bank pointed to an increase in consumer arrears and troubled corporate and non-performing exposures. 'We know it has been another challenging period for many Australian households and businesses dealing with cost-of-living pressures,' Mr Comyn said. 'We have remained focused on proactively engaging with our customers on a range of support options to help those who need it most.' While households are facing pressures, the bank said household deposits were also 4.8 per cent higher through the quarterly period. Despite these challenges, Mr Comyn said Australia was starting in a relatively strong position and remained an attractive place to live and work. 'Government investment in infrastructure and services is helping to support employment and growth, and underlying inflation is moderating,' he said. Mr Comyn said the bank paid nearly $3.8bn benefiting 814,000 shareholders directly, and a further 13 million Australians through their superannuation. 'Our deliberate and long-term conservative approach to key balance sheet settings enables us to support our customers, the economy, and our shareholders through a range of macroeconomic scenarios,' he said. Error while retrieving data Sign in to access your portfolio Error while retrieving data
Courier-Mail
18-05-2025
- Business
- Courier-Mail
Banks quash interest rate frenzy
A shock jump in home loan arrears has failed to stop several banks from quashing expectation of mega rate cuts as frenzy builds ahead of Tuesday's Reserve Bank meeting. The head of the country's biggest bank Commonwealth Bank CEO Matt Comyn is among those moving to temper rate cut expectations, after releasing his third quarter 2025 trading update for the period to March 31 which saw profit of $2.6 billion. RELATED: Big Aus bank slashes rates as RBA decision looms May interest rate decision already made for Reserve Bank MORE: Inside new Liberal leader's property portfolio Sad finding amid wild Aussie bank rate cut call Mr Comyn expects a 25 bps cut to the cash rate target by the Reserve Bank board on Tuesday – a view reinforced by CBA senior economist Belinda Allen who on Thursday stuck with their call due to the unemployment rate and wages growth coming in within RBA expectations. CBA has also flagged two more cuts over the year for a total 75bp ahead to close 2025 at 3.35pc – almost half the projections of rival National Australia Bank which has pegged a 150bp fall by February next year. The market is virtually 50-50 at this stage on whether RBA will go 50bps, with the ASX rate tracker currently at a 51pc expectation (down from 56pc on May 1) of an interest rate decrease to 3.6pc come Tuesday. That would make it a 50bp cut, similar to the NAB view of the equivalent of a double rate cut on Tuesday. This as CBA, the country's biggest bank, on Wednesday highlighted a rise in its problem loans forcing an impairment expense of $223m during the quarter, with Mr Comyn flagging 'increases in consumer arrears and corporate troublesome and non-performing exposures'. Mr Comyn said in a statement to the stock exchange that 'home loan arrears have increased over the quarter to 0.71pc' – up 5 basis points to sit above its historic average (0.65pc). CBA home loan arrears are back up to the level they were at in March 2019, a year before the pandemic hit, and at a time when cash rate had languished at a low 1.5pc for more than three years. 'We know it has been another challenging period for many Australian households and businesses dealing with cost of living pressures,' Mr Comyn said. 'We have remained focused on proactively engaging with our customers on a range of support options to help those who need it most.' MORE: Shock: Brisbane prices to smash Sydney Australia's biggest political property moguls revealed Global investment banker TD Securities has also flagged that the RBA would be 'slow and steady and in no rush' to slash rates this year. An update to clients overnight by Prashant Newnaha, senior Asia-Pacific rates strategist, said 'our current forecast is for the RBA to deliver two further 25 bps cuts, in May and in August'. That would bring the cash rate target down to 3.85pc on May 20 and then 3.6pc in August. 'We continue to believe it's highly unlikely the Bank delivers cuts in between (Statement of Monetary Policy) meetings given the outlook for tariffs is nowhere as dire as it was a few weeks back.' The SoMP is released four times a year alongside the February, May, August and November monetary policy decisions of the RBA's monetary policy board. The only other rate cut that TD Securities flagged was a further 25 bps reduction in November, which would bring the cash rate target down to 3.35pc. 'The risk to our call is for the RBA to deliver another 25 bps cut in Nov, but the market is priced for this outcome.' TD Securities believes 'CPI and labour market outcomes have landed close to the Bank's Feb'25 Statement on Monetary Policy forecasts and should support the Bank easing at next week's meeting'. It said inflation had continued to decline steadily. 'With respect to CPI, the Bank has paid more attention to housing inflation and in that respect the outcomes are moving in the right direction for the RBA. The decline in the cost of building a new dwelling has dropped for three straight months now and the annual series has provided a good lead for where trimmed mean CPI is heading. The trend suggests the Bank is on course to hit its 2.5pc target.' It said actual annual rental growth was also slowing. Analysts were keen to see how the RBA board approached the question of risks around tariffs. 'Of particular focus will be the RBA's assessment of the risks around tariffs. There are downside risks to growth, but we see no compelling case for trimmed mean CPI forecasts to deviate from 2.7pc. They could be lowered a smidge, but unlikely as low as 2.5pc.' MORE REAL ESTATE NEWS
